Well you're going to need to refine your entry criteria a bit better than just 'reasonings', you need rules, particularly if going for 2 pips. As others have pointed out, waiting for confirmation would be better. Also using a 1 min chart rather than 5 min, if you're going for such small movements...
spd, He entered at the upper wick during that 5min candle, so I think the entry was very poor. He had no idea the candle would close like it did. And the candle could have closed up and another loss would have been recorded. The best entry would have been after the candle closed with a tight stop above the wick. Don't you think, spd?
thanks spd...I am really starting to get it that all that matters is...price action!!!...this is great stuff thanks...I need to study out that 'pounching through' the 20EMA principle...
for these CME Globex currencies they are $6.40 r/t...I know some say that is too high...for me, I think it is great especially considering I am really after only 1-2 very highly profitable trades per day...
I am actually going for 10 to 20 points per trade...would you still consider I use a 1 minute chart or just a 5 minute if going for 10-20 points only, really
If he entered while that was still a big blue candle, then not good. I assumed the entry was after the candle had started retracing and leaving a wick, and stop above the wick. Incnow, if you thought there might be another big up move, WHY DID YOU SHORT IN THE FIRST PLACE?
NoDoji, while I think Incy should confirm, based on the chart posted a few pages ago, the entry is in the upper wick, hence when it was entered into the candle was a big blue/green candle. Hence, why I didn't like his entry.
it was still blue when I entered...why enter then?...have seen that during ec news releases, the abnormal spikes usually have not much validity, so, wanted to ride it down...it went down alright, just not as fast as I thought and I bailed because then I thought was gonna move up...
wow...wild day trading today -9 points on CAD +12 points on SF (glad SF has an extra $2.25 per point value more than CAD)...so finished up +$ today, slightly... Actually more disappointed in the CAD loss than the SF win...'knew' CAD was going to fill the gaps from ec news and...it did...just bailed too quick...
SF trades where entered when breaking current support levels...you could tell it was just 'wanting to break down' and it did...